# Z × Income Group Interactions

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| G1: Z×income → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.020 |
| G2: Z×income → portfolio_assets | portfolio_assets_gdp | 5,275 | 177 | 0.015 |
| G3: Z×income → debt_share | debt_share_assets | 5,296 | 177 | 0.013 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| G1: Z×income → gross_assets | Z_1 | -1402.8359 | 592.3453 | 0.0179 | ** |
| G1: Z×income → gross_assets | Z_2 | 236.3069 | 88.4465 | 0.0076 | *** |
| G1: Z×income → gross_assets | Z_3 | -10.0695 | 3.6451 | 0.0058 | *** |
| G1: Z×income → gross_assets | inc_mid | 12.2160 | 73.4764 | 0.8680 |  |
| G1: Z×income → gross_assets | inc_high | 17.1114 | 78.2946 | 0.8270 |  |
| G1: Z×income → gross_assets | Z_1_x_mid | 3.9176 | 33.2774 | 0.9063 |  |
| G1: Z×income → gross_assets | Z_1_x_high | 6.5690 | 38.4948 | 0.8645 |  |
| G2: Z×income → portfolio_assets | Z_1 | -1333.2759 | 375.5749 | 0.0004 | *** |
| G2: Z×income → portfolio_assets | Z_2 | 215.9268 | 56.0636 | 0.0001 | *** |
| G2: Z×income → portfolio_assets | Z_3 | -9.0174 | 2.3102 | 0.0001 | *** |
| G2: Z×income → portfolio_assets | inc_mid | -13.9796 | 47.3558 | 0.7679 |  |
| G2: Z×income → portfolio_assets | inc_high | -12.1484 | 50.3542 | 0.8094 |  |
| G2: Z×income → portfolio_assets | Z_1_x_mid | -7.4173 | 21.1020 | 0.7252 |  |
| G2: Z×income → portfolio_assets | Z_1_x_high | -7.8896 | 24.4015 | 0.7465 |  |
| G3: Z×income → debt_share | Z_1 | -0.3805 | 0.2497 | 0.1275 |  |
| G3: Z×income → debt_share | Z_2 | 0.0393 | 0.0372 | 0.2910 |  |
| G3: Z×income → debt_share | Z_3 | -0.0010 | 0.0015 | 0.5024 |  |
| G3: Z×income → debt_share | inc_mid | -0.0341 | 0.0334 | 0.3073 |  |
| G3: Z×income → debt_share | inc_high | -0.0332 | 0.0351 | 0.3437 |  |
| G3: Z×income → debt_share | Z_1_x_mid | -0.0112 | 0.0149 | 0.4517 |  |
| G3: Z×income → debt_share | Z_1_x_high | -0.0154 | 0.0169 | 0.3618 |  |

*Reference category: low-income. Interactions test whether the demographic diversification effect varies by development level.*